The hoverboard market has witnessed considerable growth over the past few years owing to rising popularity among youth and kids as recreational activity. Hoverboards are also known as self-balancing scooters or electric scooters. They are two-wheeled boards that enable the rider to steer and balance themselves by shifting weight from one direction to another. The rise in recreational activities among youth has boosted the demand for hoverboards. Hoverboards offer flexibility, reliability and make riding convenient with minimal physical effort. Additionally, hoverboards are regarded as a green mode of transportation owing to their zero-emission capacity.
The Global Hoverboard Market is estimated to be valued at US$ 924.61 Billion in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the hoverboard market are Swagtron, IO Hawk, Airwheel, and Razor.
The key opportunities in the hoverboard market include rising health awareness, expanding distribution channels, and new product launches. For instance, players are introducing hoverboards with additional features like Bluetooth speakers, LED lights, etc to tap the demand from youth and kids segment.
Globally, the US and China represent the major Hoverboard Market Demand accounting for over 60% share. However, countries in Europe and Asia Pacific are anticipated to witness high growth owing to increasing per capita income and growing popularity of recreational sports.
Market Drivers
Increasing health awareness among majority of population: The growing health consciousness is fueling demand for hoverboards as they involve physical exercise and activity when used for transportation. Hoverboards are commercialized as an eco-friendly mobility solution.
Expanding youth population: The youth population across the globe is rising rapidly which favors sales of recreational devices like hoverboards. Youth find hoverboards as a trending gadget to flaunt their style.
Market Restrains
Safety concerns pertaining to defective batteries: There have been few incidents of hoverboard explosions or fires due to faulty batteries which dents customer confidence in safety. This remains a key restrain to mass adoption.
High pricing compared to other micro-mobility options: The average pricing of hoverboards ranges between US$ 300-500 which is significantly higher than other last mile vehicles like e-scooters, thereby limiting sales among price conscious customers.
Segment Analysis
The hoverboard market can be segmented into self balancing scooters and two wheeled scooters. Self balancing scooters account for around 65% of the total market share. This segment dominates the market as self balancing scooters are more user friendly and suitable for both indoor and outdoor use compared to two wheeled scooters which can only be used outdoor. Self balancing scooters provide more stability and are easier for beginners to ride.
Global Analysis
North America holds the largest share in the hoverboard market accounting for over 40% of the global sales. This is attributed to rising popularity of leisure sports, increasing consumer preference for personal mobility devices and high disposable incomes in the region. Asia Pacific is projected to grow at the fastest rate during the forecast period. Rapid urbanization, rising standard of living and youth population are driving the demand for hoverboards in Asia Pacific countries like China and India. Latin America and Middle East & Africa also present lucrative opportunities for market players owing to increasing recreational activities and spending capacities.
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